Hi Neighbors,

 

This Community Update is a LONG one. I hope you will read it all, but just in case, the first section below is a table of contents.

 

In this Community Update – Information On:

1. The date and time of our next All Community Meeting
2. Dryer Vent Cleaning – Three Volunteers Needed
3. Information about our 2025 budget development
4. Insurance renewal for 2024-25
5. Committee Chairs + 1 meetings with the board
6. A new Reserve Fund Study
7. Annual meeting and a new ballot for voting and reaching a quorum
8. Interesting facts about demographics here in the Villas
9. Rules and Regulations update

 

1. The next All Villas Community Meeting will be held on September 25, 2024, at the Methodist Church from 1:00-2:30 P. M. The All-Community meeting agenda will include:

Location: The Family Life Center of the Wake Forest United Methodist Church, 905 South Main Street, Wake Forest, NC. Located at the intersection of South Main Street and Calvin Jones Highway - NC Hwy 98-By-Pass

Driving Entrance:  off South Main Street at the Family Life Center Building

Parking: There are lots of parking spaces around the Family Life Center 

Driving Exit: go around back of Family Life Center and around the church, then exit onto South Main Street

 

2. Three volunteers needed – and you don’t have to clean any dryer vents! Facilities has arranged for Smoke Alert to clean dryer vents here in the Villas for a great price. The volunteers will coordinate with Smoke Alert for the date(s) and keep track of those who sign up. Payment is made by the resident at the time of the dryer vent cleaning. Please email me at villasboardbford2022@gmail.com if you are interested in volunteering.

 

3. 2025 Budget information – The budget is built as we receive contract renewals, review and update our Reserve Fund plan and budget, rebid our Villas Community insurance and develop the budgets for the Villas committees that have budgets. So far this year we have: 

• reviewed the York property management contract and received good news that there will be no increase requested from York for next year. 
• renewed our insurance (See #4 below)
• completed several more minor budget line items

4. Insurance – We have renewed our Villas insurance coverages after receiving two bids of three requested. We were able to secure insurance coverage from the same agency which again this year had the best coverage for cost that met our Declaration document requirements. The proposed cost for the new year was up slightly. This year the board decided to save about $7,000 by paying the premiums in one lump sum. This included a necessary one-time allocation of $43,410 from the Reserve Fund. You can find the 2024-25 Certificate of Insurance (COI) and our insurance policies on our website:  https://www.VillasOfWakeForest.com/Documents  This section of the website is not password protected so if your HO6 insurance agent needs any of these documents they can get them from the Villas of Wake Forest website under Documents A separate email with more information regarding insurance will be sent shortly.

 

5. This year the Board has instituted what it calls “Committee Chairs + 1” meetings. The +1 means that each committee chair may invite one additional member of their committee to attend the meeting with them. We have had two such meetings and plan for a third this month. The agenda varies but begins with the committee chair sharing updates from their committees with good conversation and information sharing happening.  The board updates this group on its work and receives feedback, suggestions, and questions. At the last meeting we discussed our insurance payment options. At the upcoming meeting, the board will update this group on the progress and implications of the 2025 budget as it stands at the time of the meeting in order to have their input.

 

6. The Board commissioned an updated Reserve Fund study which is now in hand and being discussed and evaluated by the board with Dan Becker, as Treasurer, leading the discussion. Once finalized with the engineering firm, this updated study will be posted on the Villas of Wake Forest website.

 

7. Annual meeting and voting – It has been several years since the Villas of Wake Forest has had an in person Annual Meeting. We will have such a meeting this year on December 9th at the Methodist Church. A new ballot is being developed by our attorney so that we can anticipate having a quorum and provide voting over a two-day period at the clubhouse prior to the meeting. The Board has and is working closely with Barabara Newnam and the Elections Committee on these matters.

 

8. Villas Demographics – A count of the Villas of Wake Forest directory for August yielded the following: 213 total residents, 69 condominiums with two or more persons, 75 condominiums with one person (67 women and 8 men). Attendance at our wonderful Christmas Dinners is our largest at over 100 attending. The recent ice cream social yielded around 95 attending. Most recent community meetings at the Methodist church are less than 90 in attendance.

 

9. The revision of the Rules and Regulations (R&Rs) has taken longer than expected. We are making progress. Everyone will receive the new R&Rs as soon as they are ready.